Market Soapbox 04/03 & 04/04/06
Resistance: DJIA 11325; SP500 1310; Nasdaq 2350; NDX 1725
Support: DJIA 10950; SP500 1270; Nasdaq 2250; NDX 1635
In our top story tonight, Generalissimo Francisco Franco is STILL dead. GM sales -15%; cars -22%, trucks -9%, Chrysler +3%, Ford -5%, Toyota +7%.
ISM 55.2% vs prior 56.7% declining but still showing growth. Prices 66.5% vs prior 62.5%; Prices increased, inventories declined and backorders rose, all pointing to potential inflation.
Construction spending +0.8%; YOY +7.4%, contractors are getting it built, adding to inventory. Pending home sales -0.8% vs Jan; YOY -5.2%. Western sales index -7.6% vs Jan; YOY -14.8% showing a definite leveling out and decline.
Bonds DOWN with the 30 yr yield rising @ 4.91%; 10 yr @ 4.87; 5 yr @ 4.82; 2yr @ 4.82; 6 mo @ 4.83. 2yr above 10 yr 12/27 - 03/07 & 03/20 - 3/29. 2yr above 30 yr 02/09 - 03/07 & 03/21 - 3/29. Highest yields since June 2004.
Mon DJIA +35 on higher volume with midlin internals as a month opening influx of funds kept the market afloat.
The DJIA was up 125 points early, then collapsed into the close. Crude jumped 3% to over $68 per barrel. The market was up except the RUT where small caps got pounded down.
Today DJIA +59 on steady volume with choppy internals. This week DJIA +94, since 09/23/05 DJIA +513.
Indexes UP: SP500, OEX, NYSE, DJTA, DJUA, XOI, XAU, MID, RUT. DOWN: SOX.
Sectors UP: Airlines, Gold Bugs, Transports, Oil, Brokers, Utilities, Commodity, Cyclical, Healthcare, Banking. DOWN: REIT's, Pharma, Semis, Networking.
Overseas: DAX, CAC, FTSE, Hang Seng & Nikkei 225 all down. Tomorrow ISM services and EIA inventory.
Dollar DOWN vs. Euro 1.2260 & vs. Yen 117.52, XAU & gold UP @ 591.60, XOI & crude UP @ 66.29, CRB commodities index DOWN @ 332.42. Nickel +5%, Natural Gas -2.5%
Friday:"A Delphi strike would cripple GM and this would be the straw that broke the camels back." GM announced the sale of 51% of GMAC today. Lets keep our eyes on that one.
RUT, MID, NAZ, DJTA, TMWX (Wilshire 5000) all made multiyear or all time highs since Friday with Gold & Silver at 20 year+ highs. It all looks just peachy, lets see how it holds up through tax day April 15th.
Keep it tween da ditches, we take it day by day and keep our eyes peeled to the sky, because it could be a name brand that pancakes us. Just my opinion, I could be wrong, this is The Nattering Naybob and your NOT!!!
Support: DJIA 10950; SP500 1270; Nasdaq 2250; NDX 1635
In our top story tonight, Generalissimo Francisco Franco is STILL dead. GM sales -15%; cars -22%, trucks -9%, Chrysler +3%, Ford -5%, Toyota +7%.
ISM 55.2% vs prior 56.7% declining but still showing growth. Prices 66.5% vs prior 62.5%; Prices increased, inventories declined and backorders rose, all pointing to potential inflation.
Construction spending +0.8%; YOY +7.4%, contractors are getting it built, adding to inventory. Pending home sales -0.8% vs Jan; YOY -5.2%. Western sales index -7.6% vs Jan; YOY -14.8% showing a definite leveling out and decline.
Bonds DOWN with the 30 yr yield rising @ 4.91%; 10 yr @ 4.87; 5 yr @ 4.82; 2yr @ 4.82; 6 mo @ 4.83. 2yr above 10 yr 12/27 - 03/07 & 03/20 - 3/29. 2yr above 30 yr 02/09 - 03/07 & 03/21 - 3/29. Highest yields since June 2004.
Mon DJIA +35 on higher volume with midlin internals as a month opening influx of funds kept the market afloat.
The DJIA was up 125 points early, then collapsed into the close. Crude jumped 3% to over $68 per barrel. The market was up except the RUT where small caps got pounded down.
Today DJIA +59 on steady volume with choppy internals. This week DJIA +94, since 09/23/05 DJIA +513.
Indexes UP: SP500, OEX, NYSE, DJTA, DJUA, XOI, XAU, MID, RUT. DOWN: SOX.
Sectors UP: Airlines, Gold Bugs, Transports, Oil, Brokers, Utilities, Commodity, Cyclical, Healthcare, Banking. DOWN: REIT's, Pharma, Semis, Networking.
Overseas: DAX, CAC, FTSE, Hang Seng & Nikkei 225 all down. Tomorrow ISM services and EIA inventory.
Dollar DOWN vs. Euro 1.2260 & vs. Yen 117.52, XAU & gold UP @ 591.60, XOI & crude UP @ 66.29, CRB commodities index DOWN @ 332.42. Nickel +5%, Natural Gas -2.5%
Friday:"A Delphi strike would cripple GM and this would be the straw that broke the camels back." GM announced the sale of 51% of GMAC today. Lets keep our eyes on that one.
RUT, MID, NAZ, DJTA, TMWX (Wilshire 5000) all made multiyear or all time highs since Friday with Gold & Silver at 20 year+ highs. It all looks just peachy, lets see how it holds up through tax day April 15th.
Keep it tween da ditches, we take it day by day and keep our eyes peeled to the sky, because it could be a name brand that pancakes us. Just my opinion, I could be wrong, this is The Nattering Naybob and your NOT!!!
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